EX-99.5 7 a05-4590_1ex99d5.htm EX-99.5

Exhibit 99.5

 

Aon Corporation

Corporate and Other - Continuing Operations

 

 

 

Fourth Quarter Ended

 

Twelve Months Ended

 

(millions)

 

Dec. 31,
2004

 

Dec. 31,
2003

 

Percent
Change

 

Dec. 31,
2004

 

Dec. 31,
2003

 

Percent
Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from marketable equity securities and other investments (1)

 

$

13

 

$

36

 

(64

)%

$

49

 

$

137

 

(64

)%

Limited partnership investments

 

 

 

 

6

 

1

 

500

 

Net gain (loss) on disposals and related expenses (2)

 

48

 

4

 

+500

 

54

 

(13

)

N/A

 

Total revenue

 

61

 

40

 

53

 

109

 

125

 

(13

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

General expenses

 

28

 

17

 

65

 

81

 

61

 

33

 

Interest expense (3)

 

35

 

22

 

59

 

136

 

101

 

35

 

Unusual credits - World Trade Center

 

 

(60

)

N/A

 

 

(14

)

N/A

 

Total expenses

 

63

 

(21

)

N/A

 

217

 

148

 

47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income tax

 

$

(2

)

$

61

 

N/A

%

$

(108

)

$

(23

)

N/A

%

 


Notes:

 

 

 

Fourth Quarter Ended

 

Twelve Months Ended

 

 

 

Dec. 31, 2004

 

Dec. 31, 2003

 

Percent
Change

 

Dec. 31, 2004

 

Dec. 31, 2003

 

Percent
Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)  Includes (millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Endurance warrants

 

$

9

 

$

16

 

(44

)%

$

 

$

80

 

(100

)%

Equity earnings - Endurance

 

 

18

 

(100

)

38

 

46

 

(17

)

Total

 

$

9

 

$

34

 

(74

)%

$

38

 

$

126

 

(70

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)  Includes (millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of Endurance stock

 

$

37

 

$

 

N/A

%

$

48

 

$

 

N/A

%

Impairment writedowns

 

(1

)

(2

)

N/A

 

(3

)

(36

)

N/A

 

 

(3)  Upon the adoption of FIN 46 on December 31, 2003, Aon was required to deconsolidate its trust preferred capital securities, which was offset by an increase in notes payable. Interest expense for fourth quarter and twelve months 2004 includes $15 million and $58 million, respectively, on these notes payable.